Xinhua News Agency, Hong Kong, June 27thTopic: Grasping New Opportunities and Starting a New Journey – A New Chapter Focusing on Development in Hong Kong
Xinhua News Agency reporter
Asia’s No. 1 financial center, one of the longest-lived regions in the world… Since returning to the motherland 25 years ago, Hong Kong has continued to flourish and has proved to the world that “one country, two systems” is the best system to ensure Hong Kong’s long-term prosperity and stability.
Hong Kong Golden Bauhinia Square (photo taken on May 5, 2022).Photo by Xinhua News Agency reporter Wu Xiaochu
Twenty-five years, a dazzling transcript
“In the past 25 years, despite many trials and challenges, the practice of ‘one country, two systems’ in Hong Kong has achieved universally recognized success,” stressed President Xi Jinping’s meeting with the sixth chief executive of the Hong Kong Special Administrative Region, Li Jiachao.
Economic performance is an important measure – Hong Kong’s GDP has grown from HK$1.37 trillion in 1997 to HK$2.86 trillion in 2021; The fiscal reserves increased from HK$457.5 billion in the 1997-1998 fiscal year to HK$957.2 billion in the 2021-2022 fiscal year.
Hong Kong people have a personal feeling for development.
Zhang Tiansheng is the first-generation broker in Hong Kong. He joined the industry in 1958 and has witnessed the entire process of the Hong Kong stock market from its birth to its growth.
“When I entered the industry, I never thought that the Hong Kong stock market could develop to such a scale.” He said.
Data show that the total market value of Hong Kong’s spot stock market has risen from HK$4.86 trillion at the end of 2000 to HK$37.60 trillion as of June 17, 2022. HKEX’s revenue has risen ninefold over the past 20 years.
While the status of international finance, shipping, trade center and international aviation hub continues to be consolidated, the new positions of international innovation and technology center, Asia-Pacific international legal and dispute resolution service center, regional intellectual property trade center and Sino-foreign cultural and artistic exchange center are clear. Better and faster integration into the overall national development.
American James Thompson moved his corporate headquarters from Japan to Hong Kong in 1978. He said he never thought of leaving here. “In the 25 years since Hong Kong’s return to China, our business has grown bigger and bigger, and our operational capabilities have also improved in many ways.”
The well-being of Hong Kong citizens is also improving. In order to allow more residents to share the fruits of economic development, the SAR government has long been committed to building a caring society, taking care of disadvantaged groups, and providing more and better services to citizens. According to statistics, the current SAR government’s recurrent expenditure on social welfare has risen sharply from HK$65.3 billion in 2017-2018 to HK$105.7 billion in 2021-2022, making it the policy area with the largest expenditure.
In 2003, Mr. Zhang, a Hong Kong citizen, applied for a public housing. The residence in Tajia House, Po Tat Estate, Kowloon, is clean and tidy, with a small area, but it is designed with three bedrooms, one living room, one kitchen and one bathroom, which is enough for their family to live in.
Housing is one of the pain points of Hong Kong society, and people from all walks of life expect the new SAR government to take concrete actions to relieve the people’s worries.
“We must do a good job so that Hong Kong citizens can truly feel the benefits of development and enhance everyone’s sense of gain and happiness,” said Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government.
Hong Kong’s Victoria Harbour building (photo taken on June 25, 2022).Photo by Xinhua News Agency reporter Li Gang
Breakthrough in the development pattern
Five years ago, Yan Yaohui, a young man from Hong Kong, gave up his stable career as an actuary, and joined the wave of technology entrepreneurship with his partners to establish Bowtie, an insurance technology company. At the end of 2018, the company obtained Hong Kong’s first virtual insurance license, becoming a pathfinder for technological transformation in Hong Kong’s insurance industry.
“As a traditional industry, the insurance industry is now gradually disconnected from technology. We hope to use technology to re-establish an insurance company.” Yan Yaohui said. This company, regarded by the industry as the next batch of “unicorns” in Hong Kong, was bred by one of the largest digital innovation communities in Hong Kong – Cyberport.
Faced with the problems of a single industrial structure and a narrow space layout during the development process, the Hong Kong SAR government has taken the initiative to explore new development space.
From the Cyberport, which proposed the development of technology and information projects, to the establishment of a science park with a relatively complete I&T ecosystem, to the establishment of government departments dedicated to supporting I&T development… The development of I&T industries is becoming a major development for Hong Kong to promote economic diversification. strength.
In the past five years, the SAR government has invested more than HK$150 billion to support the development of I&T, and the overall I&T ecosystem in Hong Kong has become increasingly active. Among them, the number of start-ups has increased from about 1,500 in 2015 to about 4,000 in 2021, and more than 10 “unicorn” companies have been born.
“How can we get a treatment plan without having to operate on a patient?” In the “InnoHK Innovation Hong Kong R&D Platform” in the Hong Kong Science Park, the Chinese University of Hong Kong Medical Robotics Innovation Technology Center is committed to applying scientific research results to Hong Kong’s innovative technology. Contribute to the development of science and technology.
This platform aims to develop Hong Kong into a global scientific research cooperation center. R&D laboratories are set up by internationally renowned universities and scientific research institutions to carry out scientific research cooperation. Nearly 30 R&D laboratories have been selected.
“‘InnoHK Innovation Hong Kong R&D Platform’ will bring Hong Kong’s scientific research to the world stage and bring world-renowned institutions to Hong Kong,” said Shun Meixia, Vice President of the Chinese University of Hong Kong.
Cultural industries have also added new impetus to Hong Kong’s move towards a diversified economy. The West Kowloon Cultural District, which integrates world-class culture and art exhibitions as well as citizen entertainment and consumption, broke ground in 2013. At present, many venues such as the Xiqu Center and the Contemporary International Visual Culture Museum M+ have been completed and put into operation. The much-anticipated Hong Kong Palace Museum will also officially open to the public in July this year.
Hong Kong-Zhuhai-Macao Bridge (taken on September 12, 2020, panoramic photo by drone).Photo by Xinhua News Agency reporter Chen Yehua
Integrate into national development and achieve greater achievements
The company of Lau Ta-bang, the honorary chairman of the Hong Kong Federation of Small and Medium Enterprises, is engaged in the trade of construction raw materials. A few years ago, it planned to add new production lines in ASEAN countries, but it was temporarily put on hold due to the epidemic.
“Setting up factories in ASEAN countries is a bit like ‘going alone’. It is difficult for the local government to provide many preferential policies for individual factories. I hope that after the signing of the memorandum, Hong Kong enterprises can get more benefits.” He said.
The memorandum mentioned by Liu Dabang refers to the “Memorandum of Cooperation on Promoting High-Quality Development of Overseas Economic and Trade Cooperation Zones” signed by the Ministry of Commerce and the Hong Kong SAR Government in 2021, which aims to promote Hong Kong’s deep participation in the “Belt and Road” construction.
Not only the “Belt and Road” construction, but with the implementation of the national “14th Five-Year Plan”, Hong Kong is ushering in a new round of historical development opportunities.
The 14th Five-Year Plan has established a new development orientation for Hong Kong; the Guangdong-Hong Kong-Macao Greater Bay Area has set up a broad platform for Hong Kong; “Cross-border Wealth Management Connect”, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, Hetao Shenzhen-Hong Kong Technology Innovation The cooperation zone has created new development opportunities for Hong Kong’s financial, service and innovation industries… With the strong support of the state, Hong Kong’s future development space is limitless.
The “Guangdong-Hong Kong-Macao Greater Bay Area Development Plan” announced in early 2019 clearly stated that the construction of the third runway of Hong Kong Airport should be supported. In September 2021, the completion ceremony of the third runway paving project will be held. The central government supports the construction of the third runway at Hong Kong Airport, which aims to support Hong Kong in consolidating its status as an international air traffic hub and maintaining and enhancing its overall competitiveness.
The annual passenger volume of Hong Kong International Airport was about 28 million in the initial stage of operation. After more than 20 years of development, the highest annual passenger volume before the epidemic reached about 75 million, making it one of the busiest airports in the world.
“It is the development of the country and Hong Kong that drives the development of Hong Kong International Airport.” Lin Tianfu, chief executive of the Hong Kong Airport Authority, said that with the support of the state and Hong Kong’s own advantages, Hong Kong’s aviation industry will gradually recover after the epidemic. Hong Kong is full of confidence as an international aviation hub.
Actively integrate into the overall development of the country and open up infinite possibilities for the development of Hong Kong. In the new era and new journey, the central government pays more attention to the special advantages and unique role of Hong Kong. A series of strategic plans have “Hong Kong’s role”, and the “interfaces” for Hong Kong to integrate into the overall development of the country are constantly increasing. Broad stage.
In 2016, the post-85 maker Lin Hengyi set up a subsidiary in Qianhai Shenzhen-Hong Kong Youth Dream Workshop, which started a busy and fulfilling “two-city life”.
“In the past few years, our R&D experience, contacts, and sales market have been greatly expanded, and our entrepreneurial achievements have been very good, driving the turnover of the entire Hong Kong company to increase several times.” Bring it to the mainland market, expand and radiate.
“Hong Kong can position itself more clearly, develop its strengths and interact with other cities,” he said.
“The national ’14th Five-Year Plan’ and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area will bring opportunities to all walks of life in Hong Kong. The future cooperation between Hong Kong and the mainland is not limited to traditional manufacturing, trade, etc., but also includes financial services and professional services. , scientific and technological innovation, etc.” Leung Chun-ying, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference, said that Hong Kong should continue to play the role of a “super contact” under the “one country, two systems” principle, not only contributing to the country, but also gaining a broader space for development.
New starting point, new opportunity, new hope. Hong Kong, the “Pearl of the Orient”, will start a new journey. (Reporters Liu Mingyang, Niu Qi, Liu Huan, and Zha Wenye)